Praxis Precision Medicines Announces Closing of Financing and Reiterates Corporate Priorities
June 22 2023 - 7:00AM
Praxis Precision Medicines, Inc. (NASDAQ: PRAX), a clinical-stage
biopharmaceutical company translating genetic insights into the
development of therapies for central nervous system (CNS) disorders
characterized by neuronal excitation-inhibition imbalance, today
announced the closing of the underwritten public offering of shares
of common stock and pre-funded warrants, including the full
exercise of the underwriters’ overallotment option. The net
proceeds from the offering are $63.3 million, after deducting
underwriting discounts and commissions and estimated offering
expenses. Together with the Company’s existing cash, cash
equivalents and marketable securities, this extends the cash runway
into the first quarter of 2025. The proceeds will be used to
advance the development of ulixacaltamide into two Phase 3 studies
for essential tremor, to continue clinical development of PRAX-562,
PRAX-222 and PRAX-628 for various epilepsies, and for working
capital and other general corporate purposes.
The Company has initiated a study evaluating PRAX-628 in
photo-sensitive epilepsy patients, also known as a PPR study, with
expected readout by year end. Similar studies have shown a positive
correlation to anti-seizure medicines (ASMs) used to treat focal
epilepsy. With this study, Praxis plans to validate the mechanism
of action of PRAX-628 and inform the study design for its Phase 2b
program.
Praxis remains on-track for reading out the Phase 2 Study for
PRAX-562 and the first cohort for PRAX-222 in DEEs by year end.
“This financing provides the means to continue advancing our
portfolio in movement disorders and in epilepsy closer to patients,
with a number of catalysts this year,” said Marcio Souza, president
and chief executive officer of Praxis. “We are excited to advance
our Phase 3 program in essential tremor, while also initiating the
PPR study to inform and de-risk our program in focal epilepsy.
Additionally, we are pleased to have received support from both
existing and new investors.”
About PraxisPraxis Precision Medicines is a
clinical-stage biopharmaceutical company translating insights from
genetic epilepsies into the development of therapies for CNS
disorders characterized by neuronal excitation-inhibition
imbalance. Praxis is applying genetic insights to the discovery and
development of therapies for rare and more prevalent neurological
disorders through our proprietary small molecule platform,
Cerebrum™, and antisense oligonucleotide (ASO) platform, Solidus™,
using our understanding of shared biological targets and circuits
in the brain. Praxis has established a diversified, multimodal CNS
portfolio including multiple programs across movement disorders and
epilepsy, with four clinical-stage product candidates. For more
information, please visit www.praxismedicines.com and follow
us on Facebook, LinkedIn and Twitter.
Forward-Looking StatementsThis press release
contains forward-looking statements within the meaning of The
Private Securities Litigation Reform Act of 1995 and other federal
securities laws, including express or implied statements regarding
Praxis’ future expectations, plans and prospects, including,
without limitation, statements regarding Praxis’ intended use of
the net proceeds from its public offering, the sufficiency of its
cash runway, and the clinical development of ulixacaltamide,
PRAX-562, PRAX-222 and PRAX-628, as well as other statements
containing the words “anticipate,” “believe,” “continue,” “could,”
“endeavor,” “estimate,” “expect,” “anticipate,” “intend,” “may,”
“might,” “plan,” “potential,” “predict,” “project,” “seek,”
“should,” “target,” “will” or “would” and similar expressions that
constitute forward-looking statements under the Private Securities
Litigation Reform Act of 1995.
The express or implied forward-looking statements included in
this press release are only predictions and are subject to a number
of risks, uncertainties and assumptions, including, without
limitation: uncertainties inherent in clinical trials; the expected
timing of submissions for regulatory approval or review by
governmental authorities; regulatory approvals to conduct trials;
and other risks concerning Praxis’ programs and operations as
described in its Annual Report on Form 10-K for the year ended
December 31, 2022, its Quarterly Reports on Form 10-Q and other
filings made with the Securities and Exchange Commission. Although
Praxis’ forward-looking statements reflect the good faith judgment
of its management, these statements are based only on information
and factors currently known by Praxis. As a result, you are
cautioned not to rely on these forward-looking statements. Any
forward-looking statement made in this press release speaks only as
of the date on which it is made. Praxis undertakes no obligation to
publicly update or revise any forward-looking statement, whether as
a result of new information, future developments or otherwise.
Investor ContactPraxis Precision
Medicinesinvestors@praxismedicines.com 857-702-9452
Media ContactIan StoneCanale
CommunicationsIan.stone@canalecomm.com619-849-5388
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